We recently had our Berkshire Hathaway HomeServices – Anderson Properties first quart company-wide meeting. It was a great summary of where we've been as a company and where we're going. We are currently the 9 largest Real Estate Company in Houston and we've got plans to be in the Top 5. But the biggest news was that state of our current Housing Market in the Houston area. We are currently in a Strong Sellers' Market with only a 2.5 months inventory of home to sell. Our normal inventory is around a 6 month's supply of homes. We don't see any changes in the next 12-24 months. There's no way to get that much inventory on the market to take up the current buyer's demand. Houston is the center of the JOB's universe in the country. With Oil & Gas companies consolidating operations in Houston and the expansion of the Port and Transportation hubs, Houston is a city that businesses' are drawn to.
In the Katy Market we're experiencing the same market conditions. A good home in a good location priced well, will usually draw multiple offers in the first few weeks if not days. The sweat spot is the $240,000-$375,000 price range. Home that are over $400,000 seem to be Selling at a slower pace, but still selling in the first 60 days. It's a great time to Sell a home, but can be a bit of a challenge if you're trying to Buy a Home!
In Katy we've been blessed with new subdivisions and new homes. But even with the all the builders running at capacity they can't keep up with demand. They are experiencing shortages of labor, materials and in many cases they are selling homes before a new section has even had the streets installed!
For Buyers, the picken's are slim, and you have to be ready to move on a property as soon as it hits the market, and be prepared to make your Best and Final offer the first time. Many of the homes I've listed and sold or helped my buyers purchase, went for MORE than list price!
In any case if you're a Seller it's a great time to Sell but you have to have an experienced professional on our side, one that's handled multiple offer situations and knows how to get you the best price and terms in the sale of your home.
If you're a Buyer it is a must to have a dedicated professional on your side. One with a network of agents that can help you find a home before they hits the market!
In summary 2014 is a Great Time to Sell Your Home…..and if you're Buying a Home in 2014 you've got to be ready to move quickly and be prepared to pay at or above list price.